ECN 211 Ch. 7 Exam
Last Modified: 2012-03-21
A. Design and implement policies to improve the economy's health.
B. Follow the long-run course of the economy to determine whether it has grown or stagnated.C. Assess the health of the economy by comparing output levels at regular intervals.
D. Accomplish all of the above.
Arthur sells $200 worth of cotton to Bob. Bob turns the cotton into cloth, which he sells to Camille for $300.Camille uses the cloth to make prom dresses that she sells to Donita for $700. Donita sells the dresses for $1300to kids attending the prom. The total contribution to GDP of this series of transactions is
Suppose that GDP was $200 billion in year 1 and that all other components of expenditures remained thesame in year 2 except that business inventories fell by $10 billion. GDP in year 2 is:
subtracted from exports when calculating GDP because imports do not constitute production in the UnitedStates.
National income (NI)
Personal income (PI)
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